Lawmakers Urge Regulators to Work With Congress on Crypto Regulation
The U.S. Court of Appeals ruled in favor of Grayscale Investments against the SEC, prompting lawmakers to call for collaboration between regulators and Congress on cryptocurrency regulation.
- The Financial Services GOP criticized SEC Chair Gensler’s regulation by enforcement, urging regulators to work with Congress to establish clear rules and consumer protections.
- Congressman McHenry stated that the SEC losing battles in court highlights the need for comprehensive regulatory frameworks like the FIT for the 21st Century Act.
- The SEC and Chair Gensler have faced criticism for their enforcement-centric approach to crypto regulation.
- Congressman Lucas criticized the SEC for pursuing a reckless rulemaking agenda without adequate economic analysis or public input.
Hot Take
Lawmakers are pushing for collaboration between regulators and Congress to develop clear and comprehensive regulations for the cryptocurrency industry. The recent court rulings against the SEC highlight the need for a more balanced approach that takes into account the interests of both consumers and businesses. It is crucial for regulators to engage in meaningful dialogue with Congress and industry stakeholders to ensure that the regulatory framework fosters innovation while also protecting investors and consumers.
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